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FRAUDBARON.com
The Anti-Fraud Professionals'
Source for Fraud News
#461 Updated: 8/23/07 10:46 a.m.

Textron to pay almost $5 million to settle allegations of fraud in oil-for-food program
Textron Inc. will pay nearly $5 million to settle charges that subsidiaries of the aircraft and
finance company paid kickbacks to Saddam Hussein's government during the United
Nations' oil-for-food program, prosecutors said Thursday.   Full story, signonsandiego.com

FORMER RED CROSS EMBEZZLER SENTENCED TO TERM OF IMPRISONMENT
Karen Shuerger admitted that she bilked the Red Cross by misusing American Express
travelers checks as well as Red Cross credit cards.   FBI press release.

Blowing the Whistle on Sarbox
In the five years since the passage of Sarbanes-Oxley, most of the controversy has focused
on its costly accounting and auditing burden. But its protections to employees who call
attention to violations of securities law or accounting fraud have also been the subject of
congressional hearings this spring, particularly on the question of whether these
protections are strong enough.   Full story, wsj.com

The End of Ethics? Going Beyond Compliance Requirements
In a recent client engagement for a global manufacturing company, a division president
balked at the idea of yet another year of ethics training for managers. "We have a positive
culture here," he said. "We're too busy to have more reminders of how to raise ethics
issues. We don't have ethics issues in this division!".  Full story, smartpros.com

AICPA Proposes Network Firm Ethics
Under the proposal, network firms would be independent of all the other network firms’
audit and review clients for which a general use audit or review report is issued.  Full story,
webcpa.com
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